Altiplano Metals (TSXV: APN) announced that it has entered into a letter agreement to acquire 100% interest in the mineral property rights covering 16,806 hectares and known as the San Pedro mining concession, located in the La Cruz del Río Grande municipality in eastern Nicaragua.

In a press release, the Canadian miner said that the deal will be done for a consideration of $3 million through the issuance of an aggregate of 10m common shares of the company at a deemed price of $0.30 per common share to four arm’s length unrelated vendors, consisting of 2m common shares to one vendor (Luc English) and 2,666,667 common shares to each of the other three vendors (Severin Holdings Inc., Jemseg Capital Inc., and Ian Harris).